Reliance General gets Irdai nod for IPO

Reliance Capital Ltd plans to dilute about 25% of its holding in Reliance General Insurance. Photo: Mint

Mumbai: Reliance General Insurance Co Ltd, the non-life insurance arm of Reliance Capital Ltd, Tuesday said it has received in-principle approval from the Insurance Regulatory and Development Authority of India (Irdai) for its initial public offering (IPO).

In a media release, Reliance General Insurance said it expects to list its shares on exchanges during the ongoing financial year.

The company, which offers insurance against risks involving fire, motor, health, home, crop and travel, reported a 41% growth in premium during 2016-17.

Its gross direct premium during the year was Rs3,935 crore.

The insurer’s profit before tax during the financial year 2016-17 stood at Rs130 crore, up 32%, while the investment book went up by 25% to Rs6,724 crore.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.